Muscat: The senior management of Sohar Islamic, the standalone, independent Islamic window within Bank Sohar, held its first Sharia Supervisory Board (SSB) meeting, chaired by Dr Hussain Hamed Hassan, and attended by the other SSB members.
The SSB of Sohar Islamic comprises leading Islamic scholars from Islamic finance and academic sectors from across the world: Dr Hussain Hamed Hassan, Dr Ajeel Jasem Saud Al Nishmi, Dr Mudassar Siddiqui and Sheikh Azzan bin Nasir Farfoor Al Amri.
The meeting was hosted by Dr Mohammad Abdulaziz Kalmoor, chief executive of Bank Sohar and was also attended by Sharia consultant, Dar Al Sharia.
Commenting on the significance of the gathering, Dr Mohammad Abdulaziz Kalmoor said, "This first meeting underpins our commitment to launch and operate a vibrant Islamic banking window adhering to the highest level of Sharia standards. Presence of the world renowned Sharia scholars on the board of Sohar Islamic is our key strength and will guide us in our endeavour to establish our name as a transparent and pure Islamic banking service provider."
"We foresee an exciting future in this sector as 'Sohar Islamic' which will soon provide banking facilities and services to the entire population of Oman on the basis of Islamic principles. Sohar Islamic will ensure compliance with the standards of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI)," he added.
During the course of the meeting, the SSB considered and approved product structures, contracts and policies in order to generate a workable strategy for a range of Islamic banking products and services that Bank Sohar will soon offer.
The SSB members commended Bank Sohar for addressing the need for Islamic banking.